Speaking of Dividends

Flush Coffers, Fat Payouts

Boeing, 3M, Pfizer hike dividends; buybacks stay strong.

The corporate coffers of S&P 500 industrial issues are stuffed with cash, having set records for five consecutive quarters. Observes Howard Silverblatt, senior index analyst at S&P Dow Jones Indices: "The aggregate sum of $1.25 trillion equates to 93 weeks of current net income sitting on corporate books—earning very little—and represents 10.6% of market value and 56% of long-term debt."

Finding worthwhile investment options is challenging, so a chunk of that excess cash has found its way to stockholders....